RealtyTrac reported foreclosures in July rose 8% from June to 272,171 U.S. properties.

Year-over-year, foreclosures are up 55%. One in every 464 households received a foreclosure filing during the month, according to the company. 

There was some expectation that July would see a decline in the number of filings, especially as June's activity was down 3% from the previous month. This would not be a result of any improvement in the real estate market, but related to various state's passing legislation placing a temporary moratorium on foreclosures.

While this might show up in upcoming monthly reports, many believe these laws are just delaying the inevitable.

"Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase — compared to a 53% year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices, " RealtyTrac CEO James Saccacio noted. 

He added that RealtyTrac has over 750,000 properties in its active REO database that represents around 17% of the inventory of existing home sales reported in June by the National Association of Realtors.

Nevada remained the nations' highest state foreclosure rate in July with one in 106 households receiving a foreclosure filing. Foreclosure activity was up 15% from the previous month and 97% year-over-year. 

California continues to hold the second highest state foreclosure rate with one in every 182 properties receiving a foreclosure filing last month. Florida is third at a rate of one in every 186 properties. 

In terms of foreclosure totals, California has the highest at over 72,000 properties in July.  RealtyTrac said foreclosure activity rose 5% from June and is up 85% year-over-year. 

Florida was second with a 14% increase in July from June, and 139% from a year ago. Finally, Ohio is third with just a 2% increase in the month and up one percent year-over-year. 

The top metro areas with the highest foreclosure rate was Cape Coral-Fort Myers, Florida, and in California, Merced, Stockton, and Modesto. 

 

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